Embraer has delivered 28 commercial and 20 executive aircraft (15 light jets and 5 large jets) in 2Q18, for a total of 48 jets delivered during the quarter. This compares to the Company’s total aircraft deliveries of 59 jets in 2Q17, of which 35 were commercial jets and 24 were executive jets (16 light jets and 8 large jets).
For the first six months of 2018, Embraer delivered 42 commercial jets and 31 executive jets (23 light jets and 8 large jets), compared to deliveries of 53 commercial jets and 39 executive jets (27 light jets and 12 large jets) over the first six months of 2017. Embraer remains confident in its 2018 guidance for 85 to 95 total commercial jet deliveries and 105 to 125 total executive jet deliveries (70-80 light jets and 35-45 large jets). The Company again expects the Executive Jets segment to deliver a significant volume of aircraft during the fourth quarter of 2018, similar to the seasonality of previous years.
Consolidated revenues in the quarter were US$1,256.5 million, representing a year-over-year decline of 29.1% compared to 2Q17, due to a combination of lower deliveries in the Commercial Aviation and Executive Jets segments in the quarter and a significant decline in Defense & Security segment revenues in 2Q18 as a result of cost base revisions related to the KC-390 development contract.
In addition, 2Q17 Defense & Security revenues were the highest quarterly revenues reported in 2017 due to the launch of the SGDC satellite in May of 2017.
These declines were only partially offset by 5.6% year-over-year growth in Services & Support revenues in the quarter. Year-to-date, Embraer consolidated revenues were US$ 2,248.5 million in the first six months of 2018 as compared to US$ 2,813.7 million in the first six months of 2017, with the decline driven principally by lower deliveries in the Commercial Aviation and Executive Jets segment as well as a 38.9% fall in Defense & Security revenues, driven by the aforementioned factors in the quarterly comparison above.
Net income (loss) attributable to Embraer shareholders and Earnings (Loss) per ADS for 2Q18 were US$ (126.5) million and US$ (0.69) per share, respectively, compared to US$ 61.7 million in net income (loss) attributable to Embraer shareholders and US$ 0.34 per share in Earnings (Loss) per ADS in 2Q17. Over the first six months of 2018, net income (loss) attributable to Embraer shareholders was US$ (138.8) million and Earnings (Loss) per ADS was US$ (0.76) per share.
